Atlantic Petroleum - Results of Annual General Meeting 2017

Result of Annual General Meeting 30^th April 2018

Today P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) held its Annual General Meeting (AGM) in Torshavn, Faroe Isles. Subsequently,    

1. Election of Chairman of the Meeting.

        Mr Petur-Evan Djurhuus was elected chairman of the AGM.

2. The Board of Directors’ statement of the Company’s activity during the previous accounting year.

        Mr Birger Durhuus delivered the Chairman’s statement and Mr Graeme Fawcett delivered the Interim CEO and Director’s statement to the AGM.

3. Presentation of audited Annual Accounts for approval.

        The Group Annual Accounts and Report for 2017 was delivered to, and reviewed by, the assembled and on a vote of shareholders registered received unanimous. Approval. Furthermore:

        A. Concerning approval of the remuneration of the Board in 2017 the actual remuneration in 2017 of DKK 766,666.64 received unanimous approval of the shareholders registered

        B. Concerning the basis for the remuneration of the Board in 2018 the shareholders registered unanimously approved that:
             ·The basic remuneration to the Board Members will be DKK 200,000
             ·The Chairman of the Board receives the basic remuneration x 2
             ·The Deputy Chairman receives the basic remuneration x 1.5
             ·An ordinary Board Member receives the basic remuneration x 1
            ·The Chairman for the Audit Committee receives the basic remuneration x 0.5 in addition to his/her general Board remuneration.

  4.    Decision on how to use profit or cover loss according to the approved Accounts and Annual report.

The shareholders registered unanimously approved that the loss reported according to the approved Accounts be carried forward to next year.

5. Election of Board of Directors.

Mr Charles Hendry and Mr Yves Paletta submitted themselves for relalection to the Board for the 2018 year. Mr Birger Durhuus did not stand for reelection and in accordance with the Company’s Articles requiring the Board to comprise of three (3) persons, Mr Henrik Olesen was proposed as replacement Board Member to Mr Durhuus.

Mr Olesen presented his credentials to the meeting (detail to be found on the Company’s web site)

The shareholders registered unanimously elected all three submissions

6. Election of auditor, who will sit until the next Annual General Meeting is held. P/F Januar løggilt grannskoðaravirki, Óðinshædd 13, 100 Tórshavn was unanimously re-elected as the Company auditor for the period to the next Annual General Meeting.
7. AOB

        There was no other business

Further Details:

Further details can be obtained from Graeme Fawcett, CEO, tel +44 7720 29 66 49 (graemef@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

Announcement no.8/2018

Issued 04-30-2018